Page 9 - Banking Finance JANUARY 2017

RBI CORNER

RESERVE BANK

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RBI opens up vaults for Rs. 10 coins are legal tender, assures RBI
Specific Bank Notes Dispelling rumours of fake Rs 10 coins in circulation, the RBI has asked people to
continue to accept these coins as legal tender.
With bank currency chests overflow-
ing with old, banned notes, the Re- In a statement, RBI referred to reports that said "some
less-informed or uninformed persons who suspect the
genuineness of such coins are creating doubts in the
minds of ordinary people in certain areas, causing avoid-
able confusion". The Reserve Bank has advised the pub-
lic not to give credence to such ill-informed notions and ignore them.
RBI said, as coins remain in circulation for longer periods, it is quite possible that
coins of different designs and even shapes are circulating at the same time. One
example is the Rs 10 coin with the rupee symbol and another coin of the same
serve Bank of India (RBI) said these
denomination without the symbol, RBI said, adding both of these are equally
specified bank notes (SBN) could be
good for transactions, though they may look different.
deposited at their offices.
These SBNs will remain in the vaults RBI opens banking ombudsman office in Dehradun
of RBI offices under whose jurisdic- Reserve Bank has opened a banking ombudsman office in Dehradun, taking the
tion they are located, under lock and total number of such offices to seventeen in the
key of the depositing banks till taken country, following a significant increase in bank-
for examination. ing network.
For SBNs deposited, RBI will afford Besides, the Dehradun office will also help the
credit to banks' current accounts existing Kanpur office to ease its work burden.
with RBI. For any shortage, counter- "Considering the significant increase in banking
feit notes and mutilated notes de- network during the recent past and the vast jurisdiction being covered by the
tected during processing, the value current Office of the Banking Ombudsman, Kanpur, the Reserve Bank of India
will be recovered from the bank. has set up an Office of the Banking Ombudsman at Reserve Bank, Dehradun,"

Bank deposits initially increased by 1 the RBI said.
to 2%. As cash availability increases The districts to be covered under the Dehradun Ombudsman Office will include
and the restrictions on withdrawals
- from western UP are Saharanpur, Shamli (Prabudh Nagar), Muzaffarnagar,
expired,a moderation in the deposit
Baghpat, Meerut, Bijnor and Amroha (Jyotiba Phule Nagar), which are currently
base will occur.
under the jurisdiction of OBO, Kanpur.
BANKING FINANCE | JANUARY | 2017 | 9

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